We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The quarterly results reflect higher same-property revenues and effective blended lease rates, though higher interest expenses partly marred the growth tempo. CPT issued guidance for the fourth quarter and raised its full-year 2025 core FFO per share range.
Property revenues in the quarter came in at $395.7 million, missing the Zacks Consensus Estimate of $399.4 million. However, the figure increased 2.2% on a year-over-year basis.
CPT’s Q3 in Detail
In the reported quarter, same-property revenues increased 0.8% year over year to $374.7 million. Same-property expenses rose 2.3% to $136.8 million. As a result, the same-property NOI almost remained flat at $237.9 million.
The same-property occupancy rate came in at 95.5%, flat year over year and down 10 basis points sequentially.
In the third quarter, same-property effective blended lease rates increased 0.6%, with effective new lease rates declining 2.5%, while effective renewal rates rose 3.5% versus expiring lease rates.
Interest expenses jumped 7.7% year over year to $35 million.
CPT’s Portfolio Activity
Camden has three communities under development with a total of 1,162 units at an estimated cost of $501 million.
During the quarter, the company disposed of two operating communities comprising 626 apartment homes. One dual-phased community in Houston, TX, and the other operating community in Dallas, TX, for around $113.5 million, recording an $85.6 million gain.
CPT’s Balance Sheet Position
CPT exited the third quarter of 2025 with a liquidity of $796.3 million. This included $25.9 million in cash and cash equivalents, and around $770.4 million of availability under its unsecured credit facility and commercial paper program.
Additionally, its net debt-to-annualized adjusted EBITDAre for the July-September period was 4.2 times, up from 3.9 times in the prior-year comparable period.
During the third quarter, CPT repurchased 465,742 common shares for an aggregate amount of $50 million. The company has $400 million left under its stock repurchase program.
Q4 and 2025 Guidance Revision by CPT
For the fourth quarter of 2025, CPT expects core FFO per share in the range of $1.71-$1.75. The Zacks Consensus Estimate presently stands at $1.71, which lies at the lower end of the projected range.
For the full year, CPT raised its guidance and now expects core FFO per share in the range of $6.83-$6.87, up from the earlier projected range of $6.76-$6.86. This marked a 4-cent increase at the midpoint to $6.85. The Zacks Consensus Estimate presently stands at $6.81, within the projected range.
Management expects same-property revenue growth of 0.5-1% and an expense increase of 1.5-2%. Same-property NOI is expected between a decline of 0.25% and growth of 0.75%.
CPT’s Zacks Rank
Camden currently carries a Zacks Rank #4 (Sell).
Camden Property Trust Price, Consensus and EPS Surprise
Equity Residential (EQR - Free Report) reported third-quarter 2025 normalized FFO per share of $1.02, meeting the Zacks Consensus Estimate. The figure also climbed 4.1% from the prior-year quarter’s tally.
Results reflected a rise in same-store revenues and physical occupancy on a year-over-year basis.
UDR Inc. (UDR - Free Report) reported a third-quarter 2025 FFO as adjusted (FFOA) per share of 65 cents, which outpaced the Zacks Consensus Estimate of 63 cents. This also compares favorably with the prior-year quarter’s reported figure of 62 cents.
The results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate. The company raised its 2025 FFOA midpoint per share guidance.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Camden's Q3 FFO Beat, Revenues Up Y/Y, '25 View Raised
Key Takeaways
Camden Property Trust (CPT - Free Report) reported third-quarter 2025 core funds from operations (FFO) per share of $1.70, surpassing the Zacks Consensus Estimate of $1.69. However, the figure marginally declined 0.6% year over year.
The quarterly results reflect higher same-property revenues and effective blended lease rates, though higher interest expenses partly marred the growth tempo. CPT issued guidance for the fourth quarter and raised its full-year 2025 core FFO per share range.
Property revenues in the quarter came in at $395.7 million, missing the Zacks Consensus Estimate of $399.4 million. However, the figure increased 2.2% on a year-over-year basis.
CPT’s Q3 in Detail
In the reported quarter, same-property revenues increased 0.8% year over year to $374.7 million. Same-property expenses rose 2.3% to $136.8 million. As a result, the same-property NOI almost remained flat at $237.9 million.
The same-property occupancy rate came in at 95.5%, flat year over year and down 10 basis points sequentially.
In the third quarter, same-property effective blended lease rates increased 0.6%, with effective new lease rates declining 2.5%, while effective renewal rates rose 3.5% versus expiring lease rates.
Interest expenses jumped 7.7% year over year to $35 million.
CPT’s Portfolio Activity
Camden has three communities under development with a total of 1,162 units at an estimated cost of $501 million.
During the quarter, the company disposed of two operating communities comprising 626 apartment homes. One dual-phased community in Houston, TX, and the other operating community in Dallas, TX, for around $113.5 million, recording an $85.6 million gain.
CPT’s Balance Sheet Position
CPT exited the third quarter of 2025 with a liquidity of $796.3 million. This included $25.9 million in cash and cash equivalents, and around $770.4 million of availability under its unsecured credit facility and commercial paper program.
Additionally, its net debt-to-annualized adjusted EBITDAre for the July-September period was 4.2 times, up from 3.9 times in the prior-year comparable period.
During the third quarter, CPT repurchased 465,742 common shares for an aggregate amount of $50 million. The company has $400 million left under its stock repurchase program.
Q4 and 2025 Guidance Revision by CPT
For the fourth quarter of 2025, CPT expects core FFO per share in the range of $1.71-$1.75. The Zacks Consensus Estimate presently stands at $1.71, which lies at the lower end of the projected range.
For the full year, CPT raised its guidance and now expects core FFO per share in the range of $6.83-$6.87, up from the earlier projected range of $6.76-$6.86. This marked a 4-cent increase at the midpoint to $6.85. The Zacks Consensus Estimate presently stands at $6.81, within the projected range.
Management expects same-property revenue growth of 0.5-1% and an expense increase of 1.5-2%. Same-property NOI is expected between a decline of 0.25% and growth of 0.75%.
CPT’s Zacks Rank
Camden currently carries a Zacks Rank #4 (Sell).
Camden Property Trust Price, Consensus and EPS Surprise
Camden Property Trust price-consensus-eps-surprise-chart | Camden Property Trust Quote
Performance of Other Residential REITs
Equity Residential (EQR - Free Report) reported third-quarter 2025 normalized FFO per share of $1.02, meeting the Zacks Consensus Estimate. The figure also climbed 4.1% from the prior-year quarter’s tally.
Results reflected a rise in same-store revenues and physical occupancy on a year-over-year basis.
UDR Inc. (UDR - Free Report) reported a third-quarter 2025 FFO as adjusted (FFOA) per share of 65 cents, which outpaced the Zacks Consensus Estimate of 63 cents. This also compares favorably with the prior-year quarter’s reported figure of 62 cents.
The results reflected year-over-year growth in same-store NOI, led by a higher effective blended lease rate. The company raised its 2025 FFOA midpoint per share guidance.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.